Two congressmen with opposing political viewpoints but similar populist streaks have joined together to ask the Senate to delay confirming Federal Reserve Chairman Ben Bernanke for a second term, questioning whether he is "fit to serve."
Representatives Ron Paul (R-Tex.) and Alan Grayson (D-Fla.) sent a letter Wednesday to Senate Banking Committee Chair Chris Dodd (D-Conn.) asking first for the release of documents "that will allow the public and the Senate to have a full understanding of the commitments that the Federal Reserve has made on our behalf," the letter says.
"Even as the (economic) crisis is said to be subsiding," the congressmen wrote, "we still do not have credit markets that are able to function without substantial government support, we have not addressed institutions that are 'too big to fail' which the Fed oversees (and) bank availability is again shrinking."
Paul and Grayson asked for the Fed to release documents regarding the Bear Stearns rescue, which institutions received $1.2 trillion in Federal Reserve funds, documents relating to Bank of America's merger with Merrill Lynch, off-balance sheet Fed transactions, and transcripts of all Open Market Meeting minutes. FULL STORY
Florida congressman Alan Grayson questions Ben Bernanke
During his questioning of Federal Reserve Chairman Ben Shalom Bernanke before the House Financial Services Committee, U.S. congressman Alan Grayson (D), representing Florida's 8th congressional district (Orlando, Ocala, Eustis), burst out laughing at Bernanke's hubris. (21 July 2009) Grayson's questioning focused on the Fed's handouts to FOREIGN central banks in Europe and other countries.
These Central Bank Liquidity Swaps rose from a total of $24 billion at the end of 2007, to over $553 billion by the end of 2008. Grayson: So who got the money? FULL STORY
Anyone who is interested in the nefarious origins of the Federal Reserve must read the great book by G. Edward Griffin, The Creature from Jeckyll Island.